Kraken: Bitcoin could rise up to 200 percent in the near future
In the report of Kraken, one of the leading crypto exchanges in the USA, it was stated that Bitcoin could rise up to 200 percent in the coming weeks or months.
The leading US crypto exchange Kraken released a report predicting that Bitcoin (BTC) could rise between 50 percent and 200 percent in the coming months.
The report, which stated that Bitcoin recorded the lowest volatility of only 23 percent in 21 months on July 24, emphasized that BTC’s historic low volatility of 12, ranging from 15 percent to 30 percent, is usually followed by an average rally of 140 percent.
Noting that August is usually the most volatile third month for BTC price fluctuations, Kraken predicts that the upward momentum seen in Bitcoin at the end of July will continue for the next few months.
Bitcoin records second strongest July in 9 years
Kraken highlighted that Bitcoin’s recent rally resulted in the second strongest July for BTC price performance since 2011. It pointed out that July is generally the third weakest calendar month for Bitcoin.
According to Kraken, the rapid rise of 14.5 percent between July 27 and July 31, bringing the month’s performance to 24 percent, positioned the market as the momentum will continue.
According to the crypto trading platform, 44 percent of July’s total transaction volume was made in the last week of the month.
The report also notes that Bitcoin’s 30-day continuing correlation with gold jumped to a one-year high of 0.93 on July 31.